And Hill-Wood has now responded to supporters' clamour for new signings by insisting the north London club have the funds to compete with their rivals.

"We are in a position where we can compete with most people," he told reporters. "If there is someone we really want, then the price guide is secondary."

The Gunners will enter an eighth year without silverware should they fail to overturn a 3-1 first-leg deficit against Bayern Munich in the Champions League, but Hill-Wood defended the club's current position.

He added: "I understand that they want us to win everything, but so do I. But we are in a damned sight better position than a lot of people."

The 77-year-old also dismissed reports that the club has offered Arsene Wenger a new contract, with the Frenchman's current deal set to expire at the end of next season.

He said: "Nothing has changed on that front. At the moment it is not top of our agenda, or his."